Lead Scoring for Lightening Sales
If you are fortunate to get lots of leads and referrals like we do, you may want to start scoring them in your contact database to work the best leads first.
Ranking leads with A, B, C or hot, warm, cold, based on a prospect’s BANT (IBM’s original acronym for Budget, Authority, Need and Timeline), has been around forever. But lead scoring goes deeper and gets to a prospect’s behavior, such as “how was this lead generated?” (referral vs. cold call) and “do I want to work with this person?”–what is known in our office as bad or good “Karma.”
Can you identify all the behaviors that made closing a favorite client infinitely more pleasant than selling to another customer who bought but drove you crazy every step of the way? Give that good client experience a score of 100 and break out each behavior with its own score. For example, if he was a referral, that’s 10 points. If he did his online homework to short-list you, award another 10 points.
Some behaviors may only add 5 points and some might be worth 25. In our business, we know we have a “25” when a key salesperson absconds with the company’s customer list to become a competitor. Urgency trumps plain-vanilla need.
Weight the points so that everything ultimately totals 100. Now you have a template to measure all future sales prospects against. Record each prospect’s lead score in your contact database. Run a pipeline report in descending lead score order. Those at the top are your future best customers!
Consider putting everyone with a lead score under 60 on a follow-up drip marketing campaign. They’re not ready to buy from you or they may not know they should buy from you. You need to educate them. Then they’ll change their score and start migrating to the top of your list.
What’s your ranking or scoring system? Post your ideas.